TOP STORIES 
 
EXXON MOBIL POSTS SMALLEST PROFIT SINCE 1999 MERGER 

Exxon Mobil, the largest U.S. oil company, reported its smallest quarterly profit since 1999, a 63% plunge from a year ago, as oil prices remain depressed.

U.S. STOCKS EXTEND LOSSES AS TECH SECTOR SLUMPS 

U.S. stocks fell Friday, as deepening technology-sector declines threatened to wipe out monthly gains for major indexes.

VALEANT FILES OVERDUE ANNUAL REPORT, MAKES SWEEPING BOARD CHANGES 

Valeant filed its overdue annual report, resolving the looming danger of debt default and at revealing a number of new investigations into its business practices. It also outlined sweeping board changes as it seeks to change its tone at the top of the company.

MEDIVATION REJECTS SANOFI'S TAKEOVER BID 

Medivation said it rejected Sanofi's $9.3 billion takeover offer, claiming that the French drugmaker's proposal "undervalues" the cancer-treatment company.

U.S. CONSUMER SENTIMENT FELL AS CAUTION CONTINUED 

A closely watched gauge of U.S. consumer sentiment-the University of Michigan consumer-sentiment index-continued to decline in April, the latest evidence of growing worry about the economy's momentum.

U.S. INFLATION READING ADVANCES ONLY MODESTLY 

Inflation remained modest in March, a sign that pricing pressures are in check amid slow growth in the U.S. and overseas, and low oil prices.

VALEANT HOLDER SEQUOIA FUND REOPENS TO NEW INVESTORS 

Sequoia Fund Inc., a mutual fund hurt by a large bet on drugmaker Valeant Pharmaceuticals International Inc., is reopening to new investors.

CHEVRON REPORTS WIDER-THAN-EXPECTED LOSS 

Chevron reported a wider-than-expected loss amid lower oil prices and the stronger dollar.

CREDIT SUISSE CEO CALLS FOR INVESTOR CALM 

Top executives at Credit Suisse asked shareholders to be patient with the Swiss bank's turnaround efforts and depressed stock price at its annual investor meeting.

PRICELINE'S OUSTED CEO'S PAY FELL 32% AFTER BOARD REBUKE 

Priceline Group's ousted CEO Darren Huston's compensation dropped 32% last year after fellow directors decided not to pay him a cash bonus as they investigated a relationship they later deemed inappropriate.

EUROPEAN CLEARINGHOUSES DEEMED CAPABLE OF WITHSTANDING STRESS 

European clearinghouses, which stand between buyers and sellers of financial instruments, have enough funds to withstand any plausible market developments, according to the results of a stress exercise by the EU securities watchdog.

ROYAL CARIBBEAN RESULTS LIFTED BY HIGHER ONBOARD SPENDING 

Royal Caribbean Cruises Ltd. reported better-than-expected revenue and earnings as the cruise-ship operator benefited from increases in onboard spending on beverages and Internet access.

ROVI TO BUY TIVO IN $1.1 BILLION DEAL 

Rovi Corp. said it would acquire TiVo Inc. for about $1.1 billion, a tie-up that comes as consumers are increasingly changing how they watch videos.

PHILLIPS 66 RESULTS HURT BY LOW ENERGY PRICES 

Phillips 66 on Friday reported its profit dropped 61% in the first quarter as low commodity prices continued to drag on the energy giant's results.

CANADA GDP DECLINES IN FEBRUARY 

Canada's economic output shrank in February for the first time in five months, led by declines in wholesale trade and manufacturing, and tempering the recent string of encouraging economic data.

SHIRE POSTS FIRST-QUARTER PROFIT, REVENUE GROWTH 

Shire, the Dublin-based drugmaker, said profit and revenue climbed in the first quarter, thanks to strong sales of several rare disease medicines and its blockbuster pill for attention-deficit hyperactivity disorder.

MOODY'S RESULTS HURT BY DECLINE IN BOND ISSUANCE 

Moody's Corp. on Friday slashed its guidance for the year and reported profit plummeted 20% as a decline in global bond issuance dented results in the most recent quarter.

AMC ENTERTAINMENT PROFIT CLIMBS 

AMC Entertainment Holdings Inc., in the midst of a deal to merge with Carmike Cinemas Inc., reported better-than-expected profit in the latest quarter as revenue rose sharply.

LEGG MASON SWINGS TO A LOSS, HURT BY VOLATILE MARKETS 

Legg Mason swung to a loss in its most recent quarter, the latest asset manager to report results bruised by volatile markets.

TRANSCANADA FIRST-QUARTER PROFIT FALLS 35% 

TransCanada Corp. on Friday said its first-quarter profit fell 35%, hurt in part by one-time costs related to its decision to cancel coal-power purchase deals in its home province of Alberta.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Tax Report 
HAPPY ANNIVERSARY! THE ESTATE TAX TURNS 100 
 

Today, the estate tax comes in the form of owing the government up to 40% of your assets at death, above an exemption of $5.45 million per person. One hundred years after its creation, experts across the political spectrum continue to debate if it should remain.

 
Markets Main 
CHINESE LEADERS CALL FOR STRONGER PROTECTION OF INVESTORS 
 

Chinese leaders endorsed letting market forces influence local stock markets but called for stronger protection of investors as police formally arrested two well-known financial figures.

 
 
 

(END) Dow Jones Newswires

April 29, 2016 13:00 ET (17:00 GMT)

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